Malaika Jawed: A closer look at the FCA's Consumer Duty

In December the Financial Conduct Authority (FCA) announced its proposals for a new Consumer Duty. At present, firms are bound by rules and principles to treat customers fairly. The post-Brexit Financial Services Act 2021 introduced a requirement for the FCA to consult on whether it should make general rules for authorised organisations to owe a duty of care to consumers. In the FCA's proposals in CP21/13, it received a mixed response as to whether the new proposals for a Consumer Duty amounted to a duty of care. The new Consumer Duty is not intended to be a legally enforceable instru...